The Tokyo-based firm plans to hire analysts to fill the vacated roles, Osade, 46, said in an interview on Aug. 25.

'The opinions of highly educated analysts could be persuasive when a company is seeking a big merger, because they know the big picture of the industry and the history,' said Tetsuya Sakabe, managing director at recruitment adviser Kanae Associates Ltd. in Tokyo. Still, 'it’ll be tough for former analysts to make money as bankers because they’ll have to change their mindset' to focus on wooing clients, he said.

Mizuho will consult with analysts about their career plans and ensure they get the chance to make the shift to banking, Osade said, without mentioning a target for the number of staff who may move or how they would be compensated.